Schaller joined Providence College for the 2009–10 season. He scored his first collegiate goal in a 4–1 loss to Northeastern on November 20, 2009 and ended the season with 5 points. At the conclusion of the season, Schaller was the co-recipient of the Rev. Herman Schneider Most Valuable Freshman Award. In his sophomore year, Schaller played in 34 games for the Friars, earning a new career highs in points with 19. He was then invited to participate at the Chicago Blackhawks NHL Prospect Camp prior to his junior year. Despite suffering injuries throughout the season, Schaller finished the 2011–12 season with a new career high 14 goals, which also led the team. As a result, Schaller won the team's Rob Gaudreau Award for most goals scored. He was also named a semi-finalist for the Walter Brown Award as the best American-born college hockey player in New England and was invited to the Calgary Flames 2012 Development Camp on an Amateur Try-out agreement. Schaller was named one of three captains for the Friars prior to his senior year. He then recorded a career high 23 points in 38 games to help the team qualify for the 2013 Hockey East playoffs. Schaller was named Hockey East Defensive Forward of the Year before graduating.
Professional
On April 2, 2013, the Buffalo Sabres signed Schaller to a two-year, entry-level contract. Schaller spent the entire 2013-14 season with the Sabres' American Hockey League affiliate, the Rochester Americans. In 72 games, he recorded eleven goals and eighteen points. On November 29, 2014, the Sabres recalled Schaller. He made his NHL debut that night in a 4-3 win over the Montreal Canadiens. On December 21, Schaller scored his first career NHL goal in a 4-3 loss to the Boston Bruins in Boston. He grew up in nearby Merrimack, New Hampshire. On July 1, 2016, Schaller signed a one-year, two-way contract with the Bruins. In his first season with the club, he scored fourteen points in 59 games. The Bruins re-signed Schaller to a one-year contract extension on July 5, 2017. On July 1, 2018, the Vancouver Canucks signed Schaller to a two-year, $3.8 million contract. He played 47 games for the team the subsequent season, scoring ten points. During the following 2019–20 season, while in his final season under contract, Schaller, prospect Tyler Madden, a 2020 second-round pick and 2022 conditional pick were traded by the Canucks to the Los Angeles Kings in exchange for Tyler Toffoli on February 17, 2020.
Personal life
Schaller was born to parents Robert and Susan Schaller alongside his older brother David. In 2006, David was diagnosed with testicular cancer and later aplastic anemia which required a bone marrow transplant. Tim decided to donate his blood marrow to him, taking him off the ice for six weeks. As a result, the Schaller brothers created a fund called "Timmyheads" which raises money for the Jimmy Fund and Boston's Dana-Farber Cancer Institute.